Best Buy Co Inc.’s Canadian stores are seeing steeper drops in sales than are the company's stores in the U.S. – at least when those sales are converted into U.S. dollars.
“This decrease was primarily driven by a comparable sales decline of 5.4 per cent and the negative impact of approximately 340 basis points from foreign currency exchange rates,” the company explained in a news release. The company’s U.S. business also struggled. It generated US$8.89 billion in sales in the quarter ended July 30, down 7.1 per cent from US$9.569 billion in the same quarter in 2022.
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